Beware! TDSWISS is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Today, we are going to look at the forex company TDSWISS in order to find out whether this company is legitimate.
First, we visited the company website and found out that TDSWISS is a binary options, forex and cryptocurrency brokerage that also offers an online financial trading platform.
Registration is very simple, just supply your name, surname, phone number and password and you are ready to trade even before the verification of your account is done. Further on, we found out that the company offers 5 different accounts starting with Starter Plan with minimum deposit of $500+, Basic Plan starting at $1000+, Pro Plan at $5000+ , Premium Plan at $10000+ and Executive Plan at $25000.
TDSWISS Regulation and safety of funds
The company’s address that shows on its website is in London, UK. However, broker companies in UK are banned from offering binary trading options. Also, the phone number that appears on the company’s website starts with the country code for the US. It all looks to us like someone has randomly provided an address and phone number of a fake company. We check the register for UK and of course couldn’t find the company’s name in it, as you can see from the screenshot below.
This looks highly suspicious as it shows that TDSWISS is not a legitimately registered company but rather scam for unsuspecting traders.
We sincerely advise you to take utmost care when choosing a forex company for your trade. Please select one from the legitimately registered companies in the well-established jurisdictions with regulation authorities, such as EU, UK, US or Australia. That could spare you a lot of headache and trouble later on.
TDSWISS Trading software
As we already mentioned, the company offers its own trading platform that you can start using as soon as you open an account. In binary options trading, we think that a platform that is easy to use and offers speed of execution of any transactions is very important. What you can see on the screenshot below is the interface of the trading platform offered by TDSWISS. It looks basic and simple enough to use. On the left side menu you see the forex pairs and the percentage of the return and then you have in the centre the positions and how they fluctuate in a given timeframe. However easy it is to use this platform, if you are a new trader on the binary options market, we strongly advise you to find a company which websites offers a demo account where you can practice your trading skills and gain experience and confidence on the forex trade market.
Although in the Trading Tools section the company website sings praises about the usefulness of a demo account, in practice it doesn’t offer one which we found strange as new traders need to gain some experience in binary options trading before going for real.
Another troubling fact that we uncovered is that the company claims to be trading in cryptocurrency and forex in addition to binary options. However, the trading platform has an option only for binary options trading. Although trading in binary options is becoming very popular among some traders, you should know that it is also a high risk type of trade, sometimes even compared to gambling. Chances are you win or you lose. So, before you engage in binary options trade, please consider seriously the risks related to this type of trade.
TDSWISS Deposit/withdrawal methods and fees
The minimum initial deposit is $500. We consider this to be too high an amount to start with especially for new and inexperienced traders.
According to the company’s website, to make a deposit you can choose among the following options: UPayCard, Skrill, Neteller, Bitcoin, Perfect money, Payeer, WebMoney, AirTM, Vogue Pay, bank wire and credit card. However, when you open an account, it shows that the payment options are different, as you can see from the screen below:
Such discrepancies in the payment methods do not speak well of the company and lead us to think again that this company is non-legit.
From the Terms and Conditions document of TDSWISS, we understand that the company also offers different types of bonuses. However, you need to be aware that if you receive a bonus you must trade a minimum of 30 times the volume of the bonus before being able to withdraw your bonus. This is actually not an easy thing to achieve especially if you are new in the forex trade. Something, even more disturbing, is the fact that for bonuses above 200%, the trading volume becomes equal to 50 times the bonus value which makes it even harder to achieve. And finally, be aware that once you accept a bonus, you won’t be able to withdraw any profits from your account until the bonus operations are complete. No legitimate company would have such conditions regarding trading and withdrawal of bonuses, so please be careful!
In the withdrawal section of the document, this company informed us that the withdrawal requests could be processed within 24 hours plus another 3 days until the amount shows in the client’s bank account.
How does scam work?
Scammers prey on inexperienced traders who want to make an easy and quick profit. They usually advertise on the Internet and if you are tempted by their promises and deposit money, you fall into their trap. They will try and manipulate you to deposit even more money saying that the more you put in, the bigger the profit will be. However, this ‘profit’ never materialises as your deposit has already gone as commission to the scammer’s bank account. If you decide to withdraw, the scammers will first try to persuade you that you should wait a bit longer, and that any day now the big profit will land on your lap. If this strategy does not work, then they will try to delay your filing for chargeback, so that you miss the deadline.
What to do if scammed?
If scammed, the first think you should do is to apply for chargeback if you have used a credit card to make your deposit. There is still a chance for you to get your money back as Visa and MasterCard now allow for 540 days to apply for chargeback.
However, if you used bitcoin or wire transfer, your money is as good as gone.
In any case, do not trust ‘the recovery agents’ recommended in some comment sections of the forex reviews as this is another form of scam.